Yahoo Finance Teledyne's (TDY) Q1 Earnings Lag Estimates, '24 EPS View Down
Teledyne Technologies Inc. TDY reported first-quarter 2024 adjusted earnings of $4.55 per share, which missed the Zacks Consensus Estimate of $4.64 by 1.9%. However, the bottom line improved 0.4% from $4.53 recorded in the year-ago quarter.
The company recorded GAAP earnings of $3.72 per share, down 0.3% from the prior-year period’s earnings figure of $3.73.
Teledyne Technologies Incorporated Price, Consensus and EPS Surprise
Teledyne Technologies Incorporated price-consensus-eps-surprise-chart | Teledyne Technologies Incorporated Quote
Operational Highlights
Total sales were $1.35 billion, which missed the Zacks Consensus Estimate of $1.40 billion by 3.6%. The top line also dropped 2.4% from $1.38 billion reported in the year-ago quarter.
This improvement can be attributed to higher year-over-year sales recorded in its Aerospace and Defense Electronics business segment.
Segmental Performance
Instrumentation: Sales in this segment slipped 0.9% year over year to $330.4 million, driven by lower sales from test and measurement instrumentation and environmental instrumentation product lines.
The adjusted operating income increased 5.9% year over year to $89.4 million.
Digital Imaging: Quarterly sales in this division declined 4.1% year over year to $740.8 million. The decrease was due to lower sales of industrial imaging cameras and micro-electro-mechanical systems.
The adjusted operating income dropped 3.7% year over year to $161.8 million.
Aerospace and Defense Electronics: Sales in this segment totaled $185.7 million, up 7.2% from that recorded in the prior-year quarter. The improvement was driven by higher sales of aerospace and defense electronics.
The adjusted operating income increased 10.4% year over year to $52.1 million.
Engineered Systems: Revenues in this division declined 10.5% year over year to $93.2 million due to lower sales of engineered products and energy systems.
This segment's operating income declined 73% to $2.7 million.
Financial Condition
Teledyne’s cash and cash equivalents totaled $912.4 million as of Mar 31, 2024 compared with $648.3 million as of Dec 31, 2023. The total long-term debt was $2.65 billion compared with $2.64 billion as of Dec 31, 2023.
Cashflow from operating activities totaled $291 million at the end of Mar 31, 2024 compared with $203 million as of Mar 31, 2023.
Capital expenditure for the fourth quarter amounted to $15.9 million, down from $24.2 million recorded in the prior-year quarter.
TDY generated free cash flow of $275.1 million at March 2024-end, indicating a 54% year-over-year increase.
Guidance
Teledyne expects to generate adjusted earnings in the band of $4.40-$4.50 per share for the second quarter of 2024. The Zacks Consensus Estimate for TDY’s second-quarter earnings is pegged at $5.07, higher than the company's guided range.
For 2024, Teledyne has lowered its expected adjusted earnings to the range of $19.25-$19.45 per share from its prior guidance range of $20.35-$20.68. The Zacks Consensus Estimate for earnings is pegged at $20.56 per share, higher than the company’s new guidance range.
Zacks Rank
Teledyne currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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